The Managing Director and Chief Executive Officer of FBN General Insurance, Bode Opadokun, has rated the unwavering dedication of the company to their clients as the reason for the company’s performance in 2018.
FBN General Insurance posted positive result for the financial year of 2018. While commenting on this, Opadokun said the commitment of the underwriting company in achieving desirable results drove the momentum recorded in 2018.
“The business gained momentum in 2018 as results across key performance metrics clearly validate FBN General Insurance commitment to the delivery of profitable growth and unwavering dedication to our clients, communities and stakeholders.”
FBN General Insurance Result: The company disclosed that its gross premium income rose by 32 percent to N4.63 billion in 2018 financial period, up from N3.51 billion in the corresponding period of 2017.
In the financial result, FBN General Insurance posted that its Profit Before Tax rose to N615.6 million, with a marked YoY (YearOnYear) growth of 91 percent from the N322.8 million in 2017.
Also, the underwriting firm saw its Profit After Tax experience significant growth after recording N492.9 million in year ended December 2018 from N290.9 million the previous year.
The company grew its Total Assets YoY by 31 percent from N7.24 billion in 2017 to N9.45 billion in 2018. This is a significant improvement in capital efficiency from robust liquidity and solvency margin above the required benchmark.
Meanwhile, the Net Operating Income for the financial year of 2018 peaked at N2.1 billion from the previous year which was N1.6 billion in 2017.
The 2018 financial statements were first approved by FBN General Insurance‘s Board of Directors on 7, February 2019, and later approved by the industry regulator, National Insurance Commission (NAICOM).
Overview of FBN General Insurance- FBN General Insurance Limited is a Limited Liability Company licensed to transact General Insurance businesses in Nigeria. The Company is a wholly owned subsidiary of FBNInsurance Limited and provides coverage to both individuals and corporate clients alike.
The owner company, FBN Insurance Limited is jointly owned by FBN Holdings Plc and the Sanlam Group.